Press release
Western Digital Reports Fiscal First Quarter 2022 Financial Results
News Summary First quarter revenue was $5.1 billion, up 29% year-over-year (YoY). Cloud revenue increased 72%, Client revenue increased 6%, and Consumer
About this update from Western Digital Corporation
[{"type":"text","content":"\nNews Summary\n\n\nFirst quarter revenue was $5.1 billion, up 29% year-over-year (YoY). Cloud revenue increased 72%, Client revenue increased 6%, and Consumer revenue increased 10% YoY.\n\n\nFirst quarter GAAP earnings per share (EPS) was $1.93 and non-GAAP EPS was $2.49. Non-GAAP EPS included $56 million in COVID-related expenses.\n\n\nGenerated operating cash flow of $521 million and free cash flow of $224 million.\n\n\nOn October 22, 2021, repaid remaining Term-Loan B balance of $943 million.\n\n\nExpecting fiscal second quarter 2022 revenue to be in the range of $4.70 billion to $4.90 billion with non-GAAP EPS in the range of $1.95 to $2.25.\n\n\n SAN JOSE, Calif.--(BUSINESS WIRE)--\nWestern Digital Corp. (Nasdaq: WDC) today reported fiscal first quarter 2022 financial results.\n\n“Strong demand across diverse end markets, particularly for our cloud products, combined with Western Digital’s strong innovation engine, broad routes to market and sharpened execution, enabled us to deliver solid results within our guidance range, even in the face of significant COVID impacts and supply chain disruptions,” said David Goeckeler, Western Digital CEO. “While these disruptions are transitory, the long-term opportunities for Western Digital remain unchanged as the world’s digital transformation continues to accelerate. We believe that the migration to the cloud and demand for storage solutions throughout the client and consumer markets will continue to drive a huge opportunity for Western Digital and our customers.”\n\nQ1 2022 Financial Highlights\n\n\n\n \n\n\n\n \n\n\n\nGAAP\n\n\n\n \n\n\n\nNon-GAAP\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\nQ1 2022\n\n\n\nQ4 2021\n\n\n\nQ/Q\n\n\n\n \n\n\n\nQ1 2022\n\n\n\nQ4 2021\n\n\n\nQ/Q\n\n\n\n\n\nRevenue ($M)\n\n\n\n \n\n\n\n$5,051\n\n\n\n$4,920\n\n\n\nup 3%\n\n\n\n \n\n\n\n$5,051\n\n\n\n$4,920\n\n\n\nup 3%\n\n\n\n\n\nGross Margin\n\n\n\n \n\n\n\n33.0%\n\n\n\n31.8%\n\n\n\nup 1.2 ppt\n\n\n\n \n\n\n\n33.9%\n\n\n\n32.9%\n\n\n\nup 1.0 ppt\n\n\n\n\n\nOperating Expenses ($M)\n\n\n\n \n\n\n\n$887\n\n\n\n$891\n\n\n\n-\n\n\n\n \n\n\n\n$761\n\n\n\n$790\n\n\n\ndown 4%\n\n\n\n\n\nOperating Income ($M)\n\n\n\n \n\n\n\n$778\n\n\n\n$675\n\n\n\nup 15%\n\n\n\n \n\n\n\n$952\n\n\n\n$828\n\n\n\nup 15%\n\n\n\n\n\nNet Income ($M)\n\n\n\n \n\n\n\n...